China's YMTC Forcing Laid Off Staff to Give Up Homes

State-owned Chinese chipmaker Yangtze Memory Technologies is forcing employees it laid off to either give up their company-subsidised homes or pay 1 million yuan ($148,000), Nikkei Asia reported.

Last month, on the heels of an export ban by the United States and amid ongoing lay-offs in tech industries across the world, YMTC announced it would dismiss 10% of its staff. It is now also reducing payrolls by up to 10%, the Nikkei report said.

Read the full report: Nikkei Asia.

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]